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(Wireless-NewsWire.Com, June 14, 2018 ) According to a new market research report "Next-Generation Firewall Market by Delivery Type (Hardware, Virtual, Cloud), Service (Professional (Consulting, Support and Maintenance, System Integration), and Managed), Organization Size, Vertical, and Region - Global Forecast to 2022", The NGFW market size is expected to grow from USD 2.39 Billion in 2017 to USD 4.27 Billion by 2022 at CAGR of 12.3%.
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Next-generation firewall is a process of collecting, archiving, managing, and reporting the logs, which are generated from various devices, such as firewalls, routers, servers, and switches. NGFW solutions deal with a huge amount of computer-generated log data. The main objective of NGFW is to track the security events and network activities. With proper NGFW solutions, an organization can effectively manage logs while ensuring the integrity and improved business continuity. NGFW helps organizations to protect networks, endpoints, and applications from various malicious attacks, sophisticated cybercriminals, ransomware, and Advanced Persistent Threats (APTs). The major forces driving the NGFW market are the increased adoption of Bring Your Own Device (BYOD) and Internet of Things (IoT) trend, increasing internal and external threats, and high functionalities of NGFW solutions. Therefore, enterprises are deploying NGFW services to secure networks and endpoints from cyber threats.
The professional services segment is expected to have the largest share in the NGFW market in 2017.
Various professional services offered by NGFW vendors are consulting, support and maintenance, training and education, and system integration. The professional services segment is expected to have the largest market share and dominate the NGFW market from 2017 to 2022, as more and more companies are adopting NGFW solutions and services to secure their business infrastructure from advanced threats such as ransomwares, APTs, zero-day attacks, malware, and unauthorized accesses. The market for services segment is growing, as the individuals, SMEs, and large enterprises are concerned about the secured accesses to their networking devices.
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NGFW solutions and services have been deployed across various industry verticals, including Banking Financial Services, and Insurance (BFSI); education; energy and utilities; government and public utilities; healthcare; IT and telecom; manufacturing; retail, and others. The BFSI vertical is expected to grow at the highest CAGR during the forecast period. However, the government and public utilities vertical is estimated to have the largest market size in 2017.
The global Next-Generation Firewall market has been segmented on the basis of regions into North America, Europe, Asia Pacific (APAC), Middle East and Africa (MEA), and Latin America to provide a region-specific analysis in the report. The North American region, followed by Europe, is expected to become the largest revenue-generating region for NGFW service vendors in 2017. This is mainly due to the developed economies of the US and Canada, there is a high focus on innovations obtained from R&D and security technologies. The APAC region is expected to be the fastest-growing region in the NGFW market. The growth in this region is primarily driven by the increasing adoption of IoT devices and BYOD technologies within organizations.
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The major vendors in the NGFW market include Cisco Systems (California, US), Fortinet, Inc. (California, US), Check Point Software (California, US), Palo Alto Networks (California, US), Barracuda Networks (California, US), Forcepoint (Texas, US), Zscaler (California, US), Juniper Networks (California, US), WatchGuard Technologies (California, US), and Sophos Ltd. (Abingdon, UK).
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